Download RBI / 2010-11 /207 DNBS.(PD).CC. No. 200 /03.10.001

RBI / 2010-11 /207
DNBS.(PD).CC. No. 200 /03.10.001/2010-11
September 17, 2010
To All Non-Banking Financial Companies
including Residuary Non-Banking Companies
Dear Sirs,
Submission of data to Credit Information Companies Format of data to
be submitted by Credit Institutions
In terms of Section 2(f) (ii) of the Credit Information Companies (Regulation) Act,
2005, a non-banking financial company as defined under clause (f) of Section 45I of the Reserve Bank of India Act, 1934 has also been included as “credit
institution”. Further, the Credit Information Companies (Regulation) Act provides
that every credit institution in existence shall become a member of at least one
credit information company. Thus all NBFCs being credit institutions are required
to become a member of at least one credit information company as per the
statute.
2. In this regard, in terms of sub-sections (1) and (2) of Section 17 of the Credit
Information Companies (Regulation) Act, 2005, a credit information company
may require its members to furnish credit information as it may deem necessary
in accordance with the provisions of the Act and every such credit institution has
to provide the required information to that credit information company. Further, in
terms of Regulation 10 (a) (ii) of the Credit Information Companies Regulations,
2006, every credit institution shall:
(a) keep the credit information maintained by it, updated regularly on a monthly
basis or at such shorter intervals as may be mutually agreed upon between the
credit institution and the credit information company; and
(b) take all such steps which may be necessary to ensure that the credit
information furnished by it, is update, accurate and complete.
3. It is therefore, advised that NBFCs which have become member / members of
any new credit information company / companies may provide them the current
data in the existing format. Such NBFCs may also provide historical data in order
to enable the new credit information companies to validate their software and
develop a robust database. Care should be taken to ensure that no wrong data /
history regarding borrowers is given to Credit Information Companies.
Yours faithfully,
(Uma Subramaniam)
Chief General Manager In-Charge